Question

Iverson Company had the following assets and liabilities on the dates indicated.


Iverson began business on January 1, 2013, with an investment of $100,000.

Instructions
From an analysis of the change in owner’s equity during the year, compute the net income (or loss) for:
(a) 2013, assuming Iverson’s drawings were $15,000 for the year.
(b) 2014, assuming Iverson made an additional investment of $45,000 and had no drawings in 2014.
(c) 2015, assuming Iverson made an additional investment of $15,000 and had drawings of $25,000 in2015.


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  • CreatedJanuary 30, 2014
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